Can I Afford to Retire?

If you’ve contributed consistently to your retirement plan, you may feel like you’re on the path to enjoying a financially sound retirement. But how do you really know how much money you’ll need to support the retirement lifestyle you desire?

Helpful resources

Start by thinking about your desired retirement lifestyle and what costs might be included. For example, if you plan to sell your home, downsize and no longer have a mortgage, maybe your costs are 75% of what they are now. If you plan to live the same lifestyle but travel a lot more, maybe you need a little more than what you spend currently.

Next, log in and use My Interactive Retirement Planner to set your retirement goals and track your progress. This tool will estimate your pension and social security for you. In addition, you have the option to input information from any outside accounts you may have. All of this enables you to have a holistic view of your projected retirement income vs. your retirement income goals.

And, as always, feel free to talk with a Retirement Specialist about your plan and possible ways to improve it.


Tips and considerations

  • Plan for taxes in advance* – taking a lump sum withdrawal when you reach retirement may mean that you’ll pay more in taxes. You may want to consider systematic withdrawals, to potentially pay less in taxes, and to allow your remaining money to stay invested and possibly grow.
  • Plan for the retirement risks – The expenses in your retirement budget should also account for the financial risks associated with retirement, such as outliving your money, healthcare costs and inflation. Increasing your contributions now may be a good way to counter some of these risks.
  • Take advantage of catch-up contributions – If you’re 50 or older, or are within three years of your plan’s normal retirement age, you can take advantage of catch-up contributions, which allow you to invest even more in your plan to make up for years you may not have contributed enough.

Get the help you need

Talk with one of our Retirement Specialists to develop an investment plan for your retirement goals.

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